Australian Gold and Copper completes second RC drill campaign just one month after IPO

Australian Gold and Copper Ltd (ASX:AGC) has completed its second reverse circulation (RC) drilling program in the Central Lachlan Fold Belt just over a month after its IPO. A total of 1,242 metres was completed at the Cargelligo Project across seven holes as part of a drilling campaign at Achilles 3 gold and base metal target. During the drilling, the company intersected zones of strong alteration and base metal sulphides above a large electromagnetic (EM) conductor. In the five eastern holes, (AC3RC003-AC3RC007) drilling intercepted encouraging alteration zones of around 100 metres in thickness with strong quartz, sericite, chlorite, pyrite alteration of felsic volcaniclastics and silicified siltstones/sandstones dipping 50 degrees to the east, with disseminated galena. This zone lies directly above a deeper EM conductor and the company is confident that it provides encouragement for drilling deeper in future programs. Cargelligo licence potential Intersecting banded base-metal sulphides in the first drilling campaign has confirmed that the Cargelligo licence is fertile and provides further confidence with the 8-kilometre-long shear zone that could host deposits of economic scale. It also highlights the potential significance of the EM conductor at depth below Achilles 3 RC drilling. The company has submitted RC drill samples to the laboratory in Orange NSW and has now mobilised the RC drill rig to the Mount Boorithumble prospect. Location of the Cargelligo Project in relation to the company’s Moorefield Project and major mines and deposits within the Central Lachlan Fold Belt. About Achilles 3 Achilles 3 is one of three Hera or Federation style targets within the Cargelligo licence (EL8968) which include Achilles 2, Achilles 3 and Mount Boorithumble, and are in Southern Cobar Basin of the Central Lachlan Fold Belt. These targets lie along a north striking shear zone, and AGC’s near term plan is to move the rig as quickly as possible from discovery focused target to target with RC drilling of seven near-surface gold and copper targets. Following the recently completed IPO, the company is well-funded to deliver extensive follow-up drill programs.